Grainger has launched its first build-to-rent (BTR) development in Wales. The 海角视频’s largest listed provider of private rented homes is offering 307 BTR apartments at its £45m the Copper Works scheme in the centre of Cardiff at JR Smart’s Capital Quarter development.
The FTSE 250 company said it is also exploring other BTR investment opportunities in the city.
The Copper Works, which extends to 22 storeys on Tyndall Street, is already 15% leased with tenancy terms ranging from six months to a year, with options to renew. Monthly rents start from £900 a month with apartments ranging from studio to two bedrooms.
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Shared spaces and resident amenities, including a 4,697 sq ft rooftop with floor to ceiling glass windows offering panoramic views over the city. Split across two external terraces with outdoor seating, the rooftop also offers an indoor resident’s lounge complete with co-working pods, a bookable private dining room, fully fitted kitchen and games area complete with a pool table.
On the ground floor of the scheme is 2,132 sq ft of commercial development.
Chief executive of Grainger, Helen Gordon,said: “We’re excited to have launched the Copper Works, our first development in Cardiff, and a great new addition to our 海角视频 build-to-rent portfolio. The development offers a new way of living and renting in the city, with plenty of indoor and outdoor spaces for residents to socialise and meet new people, whilst enjoying the great views across Cardiff from our top floor rooftop.”
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The FTSE 250 company said it sees the scheme very much as a hold investment. It said: "As long-term owner and operator established 112 years ago, Grainger is committed to its BTR sites, including Copper Works, for the long-term.
On the potential for other BTR projects in the city it said: “Copper Works is our first scheme in Cardiff and Wales. In line with our targeted investment strategy, we continue to explore other opportunities to invest more in Cardiff.
On the make up of tenants in scheme said: “All homes at the Copper Works are available to rent and in line with our other Grainger schemes, we anticipate a broad demographic of renters, from young professionals to couples, families, and downsizers, many of whom will look to stay longer-term.
The BTR market is one of the strongest performing property related sectors in the city, with L&G Home have recently completed a 300 plus scheme at the Interchange scheme at Central Square for more than 300 apartments. Construction work is under way for a 700 build-to-rent apartments from L&G at the nearby Central Quay scheme over looking the River Taff at the former Brains Brewery site. Thackeray Group is also looking to incorporate 200 BTR apartments as part of it mixed use redevelopment of the historic Howells building, also in the city centre.
Other planned schemes include 70 BTR properties in Cardiff Bay as part of £25m plans by developer Rightacres to turn the empty Scott Harbour office development into a new residential scheme. If approved the scheme would also provide 30 service. apartments.